Important Ethereum Classic News

One of the biggest players on the cryptocurrency exchange market - Coinbase, has just announced that they will add ETC trading pairs on their exchange. The official announcement says: "We are pleased to announce our intention to add support for Ethereum Classic (ETC) to Coinbase in the coming months. We are announcing this both internally and to the public consistent with our process for adding new assets." It's also interesting that investors who had their GDAX accounts during 2016 Ethereum hard fork and didn't decide to withdraw their funds will receive a corresponding Ethereum Classic credit.

ETC Price Analysis

Bitcoin's Influence On The Market

In the last two days, the whole cryptocurrency market experienced a sudden and rapid fall, with Bitcoin going from more than $7680 to almost $6700 in a matter of hours. Many coins scored even up to -20% daily price change. The same thing applied to Ethereum Classic, which before the fall was confidently trading around $15 mark. It then suddenly got to $12 within a day.

Ethereum Classic Price Movement

Before the sudden cryptocurrency market fall, ETC price remained rather stable, as it wasn't heading in any direction, but instead it fluctuated near the $15 mark, with $0.5 price changes in both directions. The lowest it was $14.41, while on June 4th it even managed to get to $16.25.

The fall brought it down to $12 and what is very interesting is the recent and very sudden recovery. ETC managed to get back above $15 within a day, while the rest of the coins are still struggling and scoring +2%-5% in daily price increase. ETC on the other hand, got more than +23%. It peaked today at $16.22 and is now trading for $15.81.

ETC/USD Price Chart, Tuesday June 12th:

Prediction

Currently, we may expect positive price movements thanks to the big listing announcement, however one has to note that it will take some time before ETC will be tradable on new exchange. When the listing of ETC on Coinbase is fully finished and successful we can expect high short term gains in price. It has a chance of doubling in the value temporary, however the price should stabilize within next days after it. Therefore, for a skilled trader there is some profit to be made. Coinbase listing will give a significant exposure to Ethereum Classic so it may affect its long term price in a positive, however not that sudden or significant way.

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